| M & A for capital accumulation, market concentration and corporate performance improvement is important, a long time, mergers and acquisitions are industry concentration increased, the competitiveness of enterprises is one important means to enhance. In recent years, some large-scale mergers and acquisitions began to reform the industry, but the merger is to enhance corporate performance is a common concern. View of this, combined with the acquisition in 2007 Xingfa Group Bao kang Chufeng Chemical Co., Ltd. case, the use of accounting methods and analysis of the basic idea of the performance of its acquisitions were compared before and after the attempt to improve business performance for the acquisition is to provide some explanation, while mergers and acquisitions of other companies to provide a reference.Based on the performance of domestic and international mergers and acquisitions to sort out on for lack of existing research, combined with the specific circumstances of Xingfa Group, that (600141.SH) on June 16, 1999 at the Shanghai Stock Exchange, issued share capital 16,000 shares. 2007 non-public offering of ordinary shares issued at RMB 5,000 million, using funds raised from its major shareholder Baokang Chufeng Chemical Co., Ltd. acquired 70% stake, while an additional investment of 167.55 million yuan continued construction of the unilateral 100 million tons / mining projects as to obtain the 91% equity investment 22,469,700 yuan in August the same year, the second largest shareholder acquired from a 9% stake, thus preserving Baokang Chufeng Chemical Co., Ltd. became a wholly owned subsidiary of Xingfa Group, the final selection of the accounting index method to study the group M performance before and after the change. Specifically, this paper before and after the merger case of two-year comparison for the value from the quality of earnings, asset quality, cash flow analysis of acquisition performance Trinity. Through analysis, we have come to the company's performance as follows:First, after the implementation of M&A Xingfa group overall profitability get promoted. Xingfa group, through this acquisition make it become China's largest fine phosphorous chemical enterprises and have phosphate resources most of the listed companies. Group after the merger of two years earnings quality keep good rise and income quality fluctuation is lesser, revenue and profit origin of security, stability, high is stronger. Earnings per share and net assets yield as indexes are already mirrorred acquisition Baokang Chufeng purpose to achieve basically -- expand the scale and improve enterprise profitability.Second, rapid growth in asset quality. The main reason is xingfa group in 2007 Baokang Chufeng chemical takeover after bring a lot of the project under construction investment projects, so that enterprises exit cost is higher, potential business risk increase. But through the asset-liability ratio, accounts receivable turnover rate, total asset turnover study found: enterprise assets profitability unceasing enhancement, cash speed, laid a foundation for its further development.Third, cash flow tensions. Xingfa group investment cash flow enabling investments numerical always negative, operating cash flow enabling investments can't satisfy excessive investment demand. Because investment project cycle is long, capital investment, in order to maintain business had to borrow to raise money, this makes the enterprise financial risk more obvious, financial flexibility relative weakening.Baokang group acquired by Xingfa enterprise purchase Chufeng can see objects with their correlation, if the change is high m&a performance was quite obvious. But also found that the merger of enterprises limited enterprise performance evaluation and the related information reports issued announcement. |
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